Five Things You Need to Know Before You Sell And Lease Back Your House
Before you make that final decision to sell and lease back your house, you better make a final check whether that's your best option at the moment. Many people face all kinds of different problem and sell and lease back of their house seems like the most logical move. So, before you make that move, read about these five things you need to reconsider before you do it.
First, think about whether this is your only choice. When you sell a property it's gone forever. Everyone that has enough money invests it in property because this is the safest way to keep your money without the chance of inflation. Real estate never goes down and having a house gives you many options to make a profit out of it. So, if there are no other options, sell it and lease it back, but if that's not the last option you have, then remember that it's always better to have a property than to give money for rent.
Second, have you made a good deal from it? When you make a sell and lease back deal, you must be certain that it's in your favor. Be sure that you have reached a fair amount of selling your house and also, be sure that the deal provides you with a shelter for a long time before you find a new place. Another important thing about it is to make sure you have a paragraph in the agreement with the buyer that if they decide to sell the house, you'll be the first to be offered. You never know when you'll have enough money. If you have sometime later in life, you can buy your place back.
Third, there are no more taxes. If you're one of those people that hate doing the paperwork at the end of the fiscal year, then you'll accept this fact with joy. When you sell your house, there's no more paperwork and obligations toward the state, so if you're thinking and you're not able to make a strong decision, this might help you do it.
Fourth, fixing around the house is not your job anymore. Do you remember when the rain started pouring on the north wall and you had to change a part of the roof? Well, this is not your concern anymore. The new owner must take care of the house and invest in it. Your job is only to inform them of the changes and tell them what needs to be done. The property stays in their hands, so they need to take care of it.
Fifth, no moving out and pockets full of money. Probably the best part of the whole deal is that you get a lot of money and you don't even need to move out. You won't spend money and time and continue living like you used to before. Sell and lease back your house is an interesting deal, and it's up to you to decide whether is best for you or not.